Faridabad comes closer to Delhi

The pre-eminent industrial city shows promise with improved connectivity to Delhi that is fully functional and the availability of affordable housing options

Faridabad,the industrial city of the national capital region,has rapidly emerged as one of the most preferred destinations for real estate investors. The city has developed over the last five decades and has witnessed considerable rise in demand for residential property,while also offering investors constant increased returns.

No more a smoky industrial city,famous for hosting the annual Surajkund crafts fair,the place is fast transforming into a green suburb which offers economical solutions to home seekers looking to stay around Delhi. Undoubtedly,the city is on its way to make it big and would soon give stiff competition to cyber cities such as Noida and Gurgaon.

It is difficult to pin-point the factors responsible for growth of the real estate market in Faridabad,for they are myriad. It has always been a pre-eminent realty destination given that it is strategically location in Delhis vicinity. The last five years,however,have seen heightened activity in the citys real estate market.

Further,with property developers eyeing the land acquired from villages along the Yamuna and with the upcoming Taj Expressway Corridor,Faridabad is likely to sell around 20,000 houses in the next two years. As of now,the place has witnessed significant appreciation in property in the past few years,but remains within reach.

The connectivity with Delhi too,has improved. The annoying traffic snarls near Badarpur border have disappeared with the elevated highway up and running. There are also other road infrastructure projects in progress. The development of Taj Expressway near Sector 80,and a highway starting from Kalindi Kunj and running parallel to Mathura Road that will bypass the city will also add up to the valuation of the area.

At present,Faridabad has been catering to the residential requirements of over 11 lakh people,and more than Rs 3,000 crore has been earmarked towards giving the city a major facelift.

Currently,one can purchase a flat for Rs 2,500-Rs 3,500 per square foot,whereas the same property in cities like Noida and Gurgaon would be priced at least double,if not more.

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For home buyers in the budget segment,Neharpar,that is sectors 75-78 and sectors 80-89,offers good affordable options. A new realty investment destination,the place is developing fast and is emerging as a popular real estate destination in the NCR. At present,the area does not have good infrastructure,but will progress over the years. The examples of Indirapuram and Greater Noida must be kept in mind,which used to be the neglected areas a few years ago. Prices of plots,which are mostly available for resale in Neharpar,range between Rs 18,000 and Rs 30,000 per square yard,which has doubled in the last two years.

One concern is that being an industrial city with nearly 300 large and 10,000 small scale industries,the area has always been under priced and seems a neglected part of the NCR. But the situation is likely to change with many developments taking place,and the presence of big developers like Omaxe,Ansals,RPS ,BPTP,Vipul,Mahindra,Parsvnath,Eldeco,Shiv Sai etc. Also,the city is emerging as an education hub. Reputed schools like GD Goenka,DPS,Manav Rachna International School,Cambridge International School etc have set up campus here.

The city also boasts of some popular shopping malls and multiplexes like Crown Interiorz Mall on the NH-2,and various other malls have come up in Sector 12.

With construction activity on the rise,Faridabad will see a makeover in the coming years. With connectivity no longer being an issue,and property prices within reach,buying a house in Faridabad,may be a good investment decision. l

Author is MD,Bajaj Capital